July Retail sales decline unexpectedly
Retail sales fell unexpectedly in July, the government reported on Thursday despite the boost from the cash-for-clunkers automobile incentive program. U.S. retail sales fell 0.1 percent the Commerce Department reported, marking the first decline in seasonally adjusted sales in three months. Read the complete article here.
Number of foreclosure filings rise in July
The number of foreclosure filings rose again in July with RealtyTrac reporting 360,149 foreclosure filings nationally. That was up 7 percent from June and 32 percent from July 2008. RealtyTrac, a private firm, says its data include more than 90 percent of U.S. households.
Fed says economy is leveling out
The Federal Reserve said the U.S. economy was showing signs of leveling out two years after the onset of the deepest financial crisis in decades and it moved to wean out one emergency measure. The central bank also kept its short-term interest rate steady near zero and said it would likely stay there for an extended period to lead the recovery process.